InCredit - 16 August 2016

This week has seen the CMA publish its retail banking market investigation final report

REGULATORY

Final report from the CMA's retail banking market investigation

The CMA has published the final report of its retail banking market investigation which concludes that older and larger banks do not have to compete hard enough for customers' business. The final report states that this means that many customers are paying more than they should and not benefiting from new services. The CMA have suggested a far reaching package of remedies to address this, including:

Open Banking to be brought in by early 2018

Banks to publish objective information on the quality of their services

Banks to send out periodic and event-based prompts to remind customers to review and consider switching

Banks to set a monthly cap on their unarranged overdraft charges, and tell their customers about it

The CMA has produced an overview and infographics of the findings and will be working with agencies such as HM Treasury, FCA, and Bacs to put these measures into practice.